SAHCO grows gross profit to N8.19bn

By Chukwuma Umeorah

Skyway Aviation Handling Company (SAHCO) Plc has reported a substantial growth in its gross profit, reaching N8.195 billion for the financial year ending December 31, 2023. This marks a significant increase from the N4.36 billion recorded in 2022.

During the company’s 14th Annual General Meeting (AGM) held in Lagos, its chairman,  Taiwo Afolabi, highlighted the company’s commitment to profitability and shareholder satisfaction. He assured shareholders of enhanced profitability and better dividends in the 2024 financial year, emphasising ongoing investments in its equipment as a key driver of success.

“We greatly value your support and encouragement. Be assured we are working hard to make your company great and to generate a better dividend for you,” Afolabi stated.

The Managing Director, Basil Agboarumi, attributed the company’s  performance in 2023  to strategic initiatives including improved stakeholder engagement, strategic partnerships and a focus on staff capacity building.

Agboarumi highlighted the company’s investments in eco-friendly equipment, which contributed to significant revenue growth and an expanded asset base. SAHCO’s total revenue surged to N16.5 billion in 2023, up from N11.1 billion in 2022.

He further noted an increase in the company’s total assets, which rose to N34 billion from N29.2 billion recorded in 2022. He commended the commitment of the workforce and their dedication to delivering top-notch aviation ground handling services across all commercially operated airports in Nigeria.

During the AGM, shareholders approved a dividend of 30k per share, amounting to N406.074 million for the year 2023. They expressed appreciation for the company’s performance and urged the board to focus on innovative business ideas to further enhance performance and ensure increased returns on investment.

A shareholder, Lawrence Oguntoye, praised the board and management for the firm’s performance in 2023 and encouraged them to put in more effort to ensure higher returns for shareholders in the future.